On October 14, Wang Jiangping, vice minister of the Ministry of Industry and Information Technology (MIIT), stated at a press conference held by the State Council Information Office that in the fourth quarter, MIIT will, in collaboration with relevant departments, roll out a series of specific measures to boost consumption and expand domestic demand, as well as assist enterprises in expanding markets and unleashing vitality.

Wang Jiangping elaborated that firstly, by focusing on investment-driven initiatives, MIIT will implement technological transformation and upgrading as well as equipment renewal projects. It will expedite the issuance of project approvals and funds supported by ultra-long-term special treasury bonds and accelerate the disbursement of the 150 billion yuan of technology transformation re-loans that have been signed. In the near future, a batch of new special re-loan projects will be recommended to banks, and preparations will be made in advance for the 2025 pilot cities for new technological transformation in the manufacturing industry. MIIT will also organize the accelerated start of construction of reserve projects in the industrial field to form more physical workloads as soon as possible. At present, there are approximately 36,000 ongoing projects and those to start within the year in the industrial field, which are expected to drive investments of more than 11 trillion yuan in the next three years.

The second measure is to focus on expanding consumption and organize a series of actions to optimize supply and promote upgrading. The third measure is to deepen scenario applications and cultivate and strengthen new productive forces such as the low-altitude economy and intelligent manufacturing.